New Zealand giving $10.3 billion stimulus to rescue economy
Topics: NEW ZEALAND
The NZ$12 billion (S$10.3 billion) package was larger than that implemented during the global financial crisis, and bigger as a proportion of GDP than those announced by countries like Australia and Singapore, the authorities said.
"The government is pulling out all the stops to protect the health of New Zealanders and the health of our economy," Prime Minister Jacinda Ardern said in a news conference.
The New Zealand stock exchange reacted swiftly to the fiscal stimulus, with the bourse reversing a fall of more than 5 per cent. ■